Research On The Motive And Performance Of Mergers And Acquisitions Of CTRP And QUNR

Since entering the 20th century,with the continuous development of globalization,Chinese economic situation has gradually strengthened,the development of the Internet is very rapid,which has brought great changes to people's lives.At the same time,through improving the construction of network infrastructure,establishing and improving national policies and other ways to increase the support for Internet enterprises,to create a good development environment for them.In order to maximize profits,optimize the allocation of resources and assets,and expand the scale of enterprises,more and more Internet enterprises adopt M&A.Compared with foreign M&A,China's M&A cases started late,imperfect and lagged behind,but in recent years,the number of M&A cases gradually increased.During 2013-2018,the number of Internet M&A reached the peak in 2015.In the process of M&A,according to their own characteristics,different Internet enterprises carry out different types of M&A according to the motives of M&A,and the performance after M&A is also different,which is worth studying and analyzing in this paper.Based on the literature review at home and abroad,this paper combines the specific cases of Ctrip and Qunar to study the motivation and performance of M&A.First of all,on the basis of combing the domestic and foreign research status of M&A motivation and performance,this paper expounds the related concepts of M&A,the three basic theories of M&A motivation and the three basic methods of M&A performance evaluation methods used in this paper.Secondly,through the analysis of the basic situation of Ctrip and Qunar,this paper finds that Ctrip mainly merges Qunar in order to improve the value of the stock,profitability and market competitiveness.Thirdly,based on the motivation of Ctrip's M&A of Qunar,this paper selects the appropriate performance evaluation indicators,and evaluates the performance of Ctrip according to the selected indicators to verify whether the enterprise realizes the motivation of M&A.It is found that the occurrence of M&A events enhances the value of Ctrip's stock and produces a positive cumulative excess return rate of 48.17%;after the implementation of M&A activities,Ctrip's operating capacity,profitability,debt paying ability and development ability have improved,and the overall financial indicators have a positive impact;after M&A of Ctrip,its website traffic and market share in non-financial indicators have significant advantages,and its competitiveness has been greatly improved.Therefore,the M&A event has a positive impact on Ctrip's stock value,profitability and market competitiveness,and realizing the motivation of Ctrip's M&A of Qunar.Finally,based on the above research,this paper summarizes and puts forward corresponding enlightenment,which can provide reference for other Internet enterprises in China,in order to promote the development of online tourism.